News Formal

Nigeria Should Generate Adequate Revenue to Reduce Deficit Financing, Says Finance Minister

  • 📰 DailyPostNGR
  • ⏱ Reading Time:
  • 30 sec. here
  • 9 min. at publisher
  • 📊 Quality Score:
  • News: 39%
  • Publisher: 59%

Economy News

Nigeria,Finance,Borrowing

The Minister of Finance and Coordinating Minister for the Economy, Wale Edun, emphasized the need for Nigeria to generate adequate revenue to reduce its high deficit financing. He stated that the country should not rely solely on borrowing to fund its budgets and should instead focus on investing in infrastructure that can generate revenues.

The Minister of Finance and Coordinating Minister for the Economy, Wale Edun, declared on Thursday that Nigeria could not continue to rely on borrowing to fund its budgets, stressing the need for adequate revenue to finance them. Specifically, he said the nation must make necessary sacrifices to generate adequate revenues to reduce its current high deficit financing.

Edun, who spoke when he appeared before the joint Senate Committees on Finance, Appropriations, National Planning, and Local and Foreign Debts, scrutinising the 2024–2026 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP), maintained that the best way Nigeria could fund its annual budgets was to spend more money on infrastructure that could generate revenues. The minister was flanked by the Executive Chairman of the Federal Inland Revenue Service, (FIRS), Mr Zacch Adedeji and the Director General of the Debt Management Office (DMO) Ms Patience Oniha, at the pane

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 11. in MY
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Malaysia Malaysia Latest News, Malaysia Malaysia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Nigeria's Minister of Finance emphasizes the importance of economic reformsThe Nation Newspaper ThursdayHeadlins 16th November, 2023 1. Reforms come with pains but inevitable, says Fed Govt - 2. Senate moves to create federal data bank - 3. Labour calls off strike after talks with NSA, ministers - 4. Saudi Govt: 177 Nigerians came with irregular visas -
Source: TheNationNews - 🏆 6. / 69 Read more »

President Tinubu Advances Negotiations for Infrastructure Finance FacilityPresident Bola Tinubu, in Mecca, Saudi Arabia, discusses a multi-billion-dollar infrastructure finance facility from the Islamic Development Bank to fund infrastructure projects in Nigeria.
Source: GuardianNigeria - 🏆 1. / 94 Read more »

Federal Government's Forex Reforms Praised by Ministry of Finance CEOThe CEO of Ministry of Finance Incorporated, Dr. Armstrong Takang, has praised the Federal Government for instituting forex reforms and freeing forex previously used to defend the naira. He highlighted the benefits of the 'willing buyer, willing seller' model and encouraged people with genuine forex to invest in the domestic economy.
Source: TheNationNews - 🏆 6. / 69 Read more »